King Abdullah, Custodian of the Two Holy Mosques, has affirmed that the economy of the Kingdom was excellent and that Saudi funds are safe in the global economic crisis. The King emphasized that the Saudi economy “is solid and strong and that the five-year development plan will be completed as planned.” He said citizens will not suffer any losses. “The visual and audio international media everywhere in the world have created a fearful atmosphere, as if what is happening in America can happen in Riyadh, Jeddah or any of the cities of the Kingdom. People facing this abundance of information do not know whom they should believe. We assure the people based on the facts that we know and are aware of,” the Monarch said in an interview to Kuwaiti newspaper Al-Siyassah. The interview was conducted by its editor-in-chief Ahmed Al-Jarallah and published on Saturday The Monarch saw a disagreement and a conflict on the issue of dialogue between different religions. “As such, I did call for mutual relations through closer visions that bring people together as everyone wants peace, stability, security and safety.” The following is the full text of the interview: Q: Is the interfaith dialogue conference recently held at the United Nations went as planned? A: The world is boiling around us, but still the media is active in promoting and highlighting various negative (news) stories at the expense of other positive stories with regard to the convergence of civilizations. Although this is the core issue of the entire world nations which are supposed to have rational deliberations, fully taking into account its (dialogue's) sensitivities and its role in illuminating the way people march ahead, it does not need usage of extensive media focus to put off the dialogue's glitter. In decades ago, conflicts between the followers of religions used to fuel wars and hostilities between the nations. Saudi Arabia's association with Islam is inseparable – of course – it is the cradle of Islam as well as the place of the Two Holy Mosques in Makkah and Madina. Thus, the issue of dialogue among followers of different religions had occupied my mind for long, I do see disagreement and conflict (on dialogue) in countries that we have common interests with, I had told them in that conference “Let us practice relations through shared points of views, all of us want peace, stability, security and safety of our peoples and nations.” Moreover, we have much more in common to unite us and less to divide us, and I had told them let us leave what we disagree on to Allah and to the Day of Reckoning, let us be civilized in hearing each other's point of views. Our Prophet Muhammad (peace be upon him) spread Islam with beautiful preaching and logic. His message which calls for peace had convinced a great number of people to believe him and to believe in what he was sent for. I am pleased for the positive responses to what I had put forward, resulting in the participation of the conference's deliberations by all United Nations delegations. These reflected the interest for better relations between the world's countries and peoples, away from religious wars – often – traded by those who mix them with political agendas based on profiting rather than reforming and acts of righteousness. Q: What about the meeting of leaders of G20 pertaining to the world economic crises? A: I have attended this meeting, and the meeting was free from the media row which frightened the world about the economic crises. The vision of these international leaderships included a target for correcting the economic tracks without tension. They speak with the conviction that nothing can be too difficult to solve, and they discussed the best solutions and what should be done was very clear to them. The figures of the crises were before them as well as the mechanism for their solution, and we have not yet reached the end of the world. I have listened to them and to the presented solutions, and we have inquired about what should be asked. I think that the matter will never remain irremediable because the problem is before them with all of its dimensions and solutions on the table, and I don't think that this crisis is the end of the matter, but it is correction to a situation which was prevailing. Any way this is not the first crisis that faces the economies of the countries. There were earlier crises but we did not follow them up as we do today due to the development of the technologies of the media and the telecommunications means. The world under the technological development seems as if it is small cities which can be known with a glance of eye. Q: It was said that the US has asked you to pay $120 billion as well as other big sums from other Gulf states so as to help it overcome its financial crisis, is that true? A: That is not true, the Western countries and even the countries of the east which are affected by the financial crisis have great economies and they will never be in need of us. I have heard what was said, but I would like to make it clear that it is absolutely untrue. These countries have economic exchanges with figures which are not in billions but in trillions, and their economies are gigantic and they are not in need of the countries of the region. The figures of the gross domestic product of these countries are imaginary and they can never be compared with the GDP (gross domestic product) in our countries, and they are not in need of us. Q: Do you think that the crisis will remain for a long time, and what is its impact on us? A: Experts of capitals and leaders of big countries which have been affected by this crisis expect that the crisis will end within one-and-half year. What they are in need, as they say, is the restoration of confidence. I think that if the big world economies get acquainted with means of cooperation among them, then they will become capable of surpassing the crisis as they surpassed previous crises. It is true that the crises were not with the same severeness, but they were resolved. As regards the second part of the question about the impact of the crisis on us, I would like to say yes , it has affected, and created tension and fear, because the capital is suffering, and the people facing turmoil either from the audio-visual media about the crisis and its dimensions, and its move from one country to another, have become worried, some look for a safe and secure place for their wealth, and some others want to grab opportunities, the people no longer believe in anything except what is in their hands, but this state will not continue for a long time. Q: Does that mean that you were not harmed? A: As a state, and money of the state, we have not been harmed, the surpluses of oil are safe and they were not faced by any complications at the world markets, and the private sector is capable of protecting its wealth and investments. As regards the brothers in the GCC (Gulf Cooperation Council) member states, I don't know exactly to what extent they were affected by the crises, but I hope their financial surplus and sovereign investments will not be subject to any losses either little or big losses. I hope that, and would like to confirm that we were with the grace of Allah Almighty far away from the impact of this crisis, and here I mean our sovereign capital. The thing from which we were harmed was the fear of the people under the assumption that what happens in America and the Western countries will have an impact on them in the same manner. Q: Would you continue your five-year development plans in which you have allocated large amounts of money for implementation? A: The five-year development plans will go ahead as designed, involving an announced expenditure of more than two hundred billion US dollars, other than what has been allocated for the next budgets to come with its infrastructure, construction and urban projects. Our country's economy is solid and strong, our people need to be assured and aware of that, our people would not suffer any loss they are just victims of undue panic. I repeat, and repeat it again that our country is in stable conditions. Q: But people are affected with what is happening in America, Europe and world markets? A: Yes... people are affected with unjustified panic, and there is no cure, except giving specialists some time for its handling. I have told you from the very beginning of the interview that the modern international media everywhere in the world has created a scary atmosphere, as if what is happening in America can happen in Riyadh or Jeddah or any of the cities of the Kingdom. As such, people in the light of abundance of media focus on financial crises, do not know whom to believe. We assure the citizens here, in accordance with the facts we know and feel, when we say that the Saudi sovereign funds are immune from the global economic crisis we are honest in our saying. When we told the people that we are involved in development plans in accordance with the planned course, we say that with honesty, we have nothing to hide. Development budget figures are all before the people. All government bodies personnel are citizens of this country, these people are the ones who put these figures, supervise expenditure and investment. Out of worries, there are some people who keep moving from one field of investment to another in search of so-called safe haven, they leave behind some panic among the people who find them moving from the stock market to real estate market and from the latter to financial market and so on and so forth. If they practice patience, they would find that their worries have no reason at all. Our economy is in shape, the global crisis may have created some of the slowdown caused by the panic that prevailed in the whole world because of this crisis, but – as I told you earlier – it is unwarranted panic that will vanish soon. Q: Finally, I would like to ask is the Kingdom and its economy in good condition? A: Thanks to Allah Almighty, they are in a good condition, quote me and tell the distant ones and the near ones, we are in a good condition, and the small state of alarm will end in a short time. Q: What was the thought preoccupying the minds of the leaders of G20 when you were in meeting with them? A: As I told you, the economies of their countries are in trillions, and their national incomes are very high and startling, but the tracks of these incomes and their expenditure take place in a well-studied and accurate way, some problems may appear, but they have no irremediable crisis, and the impact of this crisis may turn from fatal negatives to active positives, and the defects may be resolved for a better future. I have noticed that the leaders of G20 during their meeting were preoccupied by the importance of work so as the crisis will not be entailed by a manpower unemployment, because that matter is a source of anxiety for them, but the other matters like the volume of expenditure, and economic slowness and the alarm that has inflicted the people, all that can be treated through rationalization of expenditure for some time. The issue of unemployment was a matter of concern for the leaders of G20, and they don't lack awareness for the treatment of their crises, this was what I have noticed and which was clear during my meeting with them. Q: Here oil prices are backing down. Does not that affect the size of financial revenues of oil countries? A: Yes, this affects. We believe that the fair price of oil is 75 US dollars per barrel. Our budgets were estimated at the previous world prices of oil, and they were estimated at the last least price. We consider any increases as surpluses of assets and sovereign funds. Brother Ahmed, oil is an important material. It is the vein of the international industry which has no alternative for energy so far. It will continue to be the main and great source of budgets in the region's countries which have one third of the world reserves. With the progress of time, there will be other resources that may be as important as oil revenues. The states in the region, including Saudi Arabia, have been bestowed upon by Almighty Allah with plenty of resources. We should thank Almighty Allah for these resources. I repeat that we are not concerned with the world economic calamities and they will not harm us. If they have any harm, it will be only the panic of the public and their wrong interaction with them. Perhaps there was a slowdown in the movement of trade due to those people who stop spending and engage in waiting afraid of what will come. But we do not blame anyone. As I told you the cure for panic over money is to wait for some time. Q: Don't you think that what happened may further consolidate the unification of interests among Gulf Cooperation Council countries? A: Yes, we hope that what has been witnessed by the world economies will be an impetus for further link of interests among the region's states. I hope that the economies of GCC states will not be affected with what happened in international markets. Otherwise – God forbid – I hope that this impact will not be painful. Anyway, this crisis may have stimulated the GCC states to further link their interests. This is what we want and seek to benefit from the lessons of what happened. The region's countries are rich. In front of us, there are huge expenditures against substantial resources. With minimum cooperation along with good intentions, we can create an economic bloc having a strong fence against global economic storms. __
